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Saudi Arabian flag with stock graph and an oil pump jack miniature model are seen in this illustration.

REUTERS/Dado Ruvic

Saudis face reality on oil prices

Saudi Arabia has reportedly decided toproduce more oil beginning Dec. 1, allowing global crude prices to fall. It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer. By producing more, the Saudis hope to claim a larger share of oil market revenues.
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saudi arabioiloil and gas sectoroil pricesoil prices/crude oilopec

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Saudis face reality on oil prices